Aug 20,2022

On the one hand, the price of electricity in Europe increased significantly, and the conflict between Russia and Ukraine aggravated the energy crisis in Europe. Energy prices in Europe have topped 200 euros per MWh and gas prices in Europe have risen more than eightfold since 2020.

The low optical storage cost enables European and American consumers to recover the investment cost in almost 3-5 years. Since 2021, home energy storage has shown explosive growth in the European and American markets with an annual growth rate of doubling.

In 2021, 25.9GW of photovoltaics were connected to the grid in the EU27, providing good conditions for household energy storage.

At present, the typical application scenario of household energy storage is to form household light storage system with household photovoltaic. According to the calculation, compared with no photovoltaic and energy storage system, equipped with photovoltaic and energy storage equipment at the same time, the 10-year electricity saving of 12673.64 Euros, the payback period of investment is 5 years; However, only installing photovoltaic system can save only 4816.87 euros in electricity. Photovoltaic + energy storage scheme has high economic efficiency.

Europe has seen rapid growth in home energy storage in recent years. According to statistics, more than 90% share of home energy storage in Europe is concentrated in the top five countries -- Germany, Italy, the United Kingdom, Austria and Switzerland. Germany is Europe's largest market for home energy storage.

In general, the explosion of the European home energy storage market is mainly due to its excellent economics.

On the other hand, the demand for home energy storage in the United States is also rising rapidly, and giants such as Tesla are further improving the economy of home energy storage. Related data show that the total new installed capacity from 2021 to 2026 will reach 63.4GW/202.5GWh, among which household can reach 4.9GW/14.3GWh.

Recently, Tesla teamed up with California Public Utilities. E partnered to create a new virtual power plant (VPP), offering eligible Powerwall users a $2 per kWh payment incentive. It is reported that 50,000 Powerwall users will be eligible for subsidies.

Depending on the market demand and the number of Powerwall users, they can expect to make $10 to $60 per power dispatch wherever they are. The economics of home energy storage will become more prominent in the U.S. market.

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